I got a pair of the Nashbar waterproof ones when they were on sale for about $30 and recently got their Ascent Basic Rear Rack when it was $10. Used the rack for it's first tour outing earlier this week
(pictures of trip at:
http://www.everytrail.com/view_trip.php?trip_id=184410 ) but lent the panniers to a friend so I was still using my old Bike Warehouse (predecessor to Nashbar) orange ones. The rack seems very solid and secure and it has the doglegs going back far enough to prevent a loose pannier from getting into the spokes (which my previous rack lacked).
Nashbar changes their prices frequently so if there's a particular item you want it pays to keep watching for it and getting it when it's on sale.